George M. Bibb (1776-1859) was appointed President Tyler's fourth
Secretary of the Treasury in 1844, upon the resignation of John C. Spencer. He
was a very aged man when he assumed the Treasury portfolio, dressing "in
antique style, with kneebreeches."
His Annual Report on the State of the Finances for 1844 consisted of an
elaborate compilation of statistics detailing the financial history of the
nation since 1789. In addition, he presented a solid argument for the
establishment of a "sinking fund," accumulated through regular
deposits and used to pay the interest and principal on the national debt. Bibb
advocated using Treasury as surplus revenue from customs and internal revenue
collection to supply the sinking fund. Such a fund had been used effectively to
reduce the deficit from 1789 to 1835 but Bibb was unable to revive it. After
serving less than a year, Bibb resigned at the end of Tyler's administration in
1845. - Text Courtesy of the Office
of the Curator
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